Investment Rating - The report suggests that cold plate liquid cooling is expected to become the mainstream cooling solution for data centers, with significant potential in 3D printing for liquid cooling plate manufacturing [5]. Core Insights - Cold plate liquid cooling is anticipated to dominate the data center cooling market due to its higher efficiency compared to traditional air cooling, especially as GPU power design continues to increase [1][12]. - The liquid cooling market in China is projected to grow significantly, reaching 184 billion yuan in 2024 and 1.3 trillion yuan by 2029, with a compound annual growth rate (CAGR) of 48% [20][22]. - 3D printing technology is identified as the optimal manufacturing route for liquid cooling plates, offering advantages such as design freedom and cost-effectiveness compared to traditional machining methods [2][54]. - Microchannel liquid cooling plates are becoming a new trend, with 3D printing further enhancing their performance by allowing for complex designs that improve heat dissipation [3][66]. - The report highlights the challenges and breakthroughs in 3D printing of copper materials, which are crucial for effective heat transfer in liquid cooling applications [4][80]. Summary by Sections 1. Cold Plate Liquid Cooling as a Mainstream Solution - The cooling process in data centers can be categorized into air cooling and liquid cooling, with liquid cooling being more efficient due to its higher heat transfer capabilities [12][18]. - Cold plate liquid cooling, as an indirect cooling method, does not require direct contact with liquids, making it more operationally feasible and widely applicable [28][33]. 2. 3D Printing as the Optimal Manufacturing Technology - 3D printing offers unique advantages over traditional machining, such as the ability to create complex geometries and reduce production costs [2][54]. - The technology allows for continuous optimization of flow channel designs, which significantly impacts the cooling performance of liquid cooling plates [60][64]. 3. Emerging Trends in Microchannel Liquid Cooling - Microchannel liquid cooling plates are defined by their small channel diameters, which enhance heat transfer efficiency, and 3D printing is expected to play a crucial role in their production [3][67]. - The report notes that traditional manufacturing methods face limitations in producing microchannel structures, making 3D printing a more viable option [71][79]. 4. Investment Recommendations - The report recommends focusing on companies with strong technological capabilities in metal 3D printing, particularly those specializing in copper 3D printing [5][97]. - Specific companies highlighted include Nanfeng Co., Ltd., Plitec, and Huazhu High-Tech, which are actively engaged in the development and production of 3D printed liquid cooling plates [97].

Group 1: Company Performance and Market Position - The company's third-quarter performance declined year-on-year due to project construction delays, affecting revenue recognition [3] - The nuclear ventilation sector is experiencing a positive development phase, with the company holding a high market share [3] - The supply of ventilation products for subways and tunnels is linked to national urbanization and major infrastructure planning [3] Group 2: Product Applications and Innovations - Ventilation equipment is crucial for safety and comfort, with potential applications in controlled nuclear fusion projects [4] - 3D printing technology offers advantages over traditional manufacturing, including high precision, material savings, and design flexibility [5] - The company focuses on providing customized solutions based on client needs, engaging in discussions with clients in various sectors [5][6] Group 3: Future Plans and Financing - Currently, there are no stock incentive plans, but the company will consider them based on strategic needs and market conditions [5] - South Wind Additive is executing expansion plans and has no immediate financing needs, with future financing options to be considered based on market and order conditions [6]

Key Highlights - Cambridge Technology currently does not produce chips containing CPO technology [1] - TCL Technology plans to invest 29.5 billion yuan in the construction of an 8.6-generation printed OLED production line [1] - Huakang Clean has won the bid for a "medical service construction project" [1] - Aotewei intends to acquire an 8.99% stake in its subsidiary Songci Electromechanical [1] - Shanghai Yizhong plans to repurchase shares worth 30 million to 35 million yuan [1] - Huaton Co. reported a pig sales revenue of 338 million yuan in August [1] - Tianma Technology has accumulated approximately 11,921.59 tons of eel out of the pool from January to August [1] - Mars Man's controlling shareholder plans to reduce holdings by no more than 2.94% [1] - Zhiwei Intelligent's actual controller plans to reduce holdings by no more than 2.9749% [1] - Donglin Investment plans to reduce holdings in Jin'an Guoji by no more than 2.878% [1] - Zhonglun New Materials intends to issue convertible bonds not exceeding 1.068 billion yuan [1] - Tuojing Technology plans to raise no more than 4.6 billion yuan through a private placement [1] Investment Projects - TCL Technology (000100.SZ) plans to invest 29.5 billion yuan in the construction of an 8.6-generation printed OLED production line [1] - Guangdong Jianke (301632.SZ) intends to invest in the implementation of the second phase of the Guangdong Jianke·Zhongshan Smart Gathering Project [1] - Nanfeng Co. (300004.SZ) plans to invest 50 million yuan in fixed assets for a 3D printing service project [1] Contracts and Acquisitions - Huakang Clean (301235.SZ) has won the bid for a "medical service construction project" [1] - Aotewei (688516.SH) intends to acquire an 8.99% stake in its subsidiary Songci Electromechanical [1] - Tianhua New Energy (300390.SZ) plans to acquire a 75% stake in Suzhou Tianhua Times [1] Share Buybacks - Chuangyuan Co. (300703.SZ) plans to repurchase 1.55% to 2.05% of its shares [2] - Yishitong (688733.SH) intends to repurchase shares worth 30 million to 55 million yuan [2] - Shanghai Yizhong (688091.SH) plans to repurchase shares worth 30 million to 35 million yuan [2] Operational Data - Huaton Co. (002840.SZ) reported a pig sales revenue of 338 million yuan in August [2] - Tianma Technology (603668.SH) has accumulated approximately 11,921.59 tons of eel out of the pool from January to August [2] Shareholding Changes - Sudda Co. (001277.SZ) plans to reduce holdings by no more than 3% [2] - Mars Man (300894.SZ) plans to reduce holdings by no more than 2.94% [2] - Zhiwei Intelligent (001339.SZ) plans to reduce holdings by no more than 2.9749% [2] - Jin'an Guoji (002636.SZ) plans to reduce holdings by no more than 2.878% [2] Other Financial Activities - China Merchants Shekou (001979.SZ) plans to issue preferred shares to raise no more than 8.2 billion yuan for real estate project construction [2] - Zhonglun New Materials (301565.SZ) intends to issue convertible bonds not exceeding 1.068 billion yuan [2] - Keli'er (002892.SZ) plans to raise no more than 1.006 billion yuan through a private placement [2] - Tuojing Technology (688072.SH) plans to raise no more than 4.6 billion yuan through a private placement [2]

Core Insights - The company reported a revenue of 393 million yuan for the first three quarters of 2025, representing a year-on-year decrease of 6.52% [1] - The net profit attributable to shareholders was 33.45 million yuan, down 20.28% year-on-year [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 32.07 million yuan, showing a year-on-year increase of 2.85% [1] - The basic earnings per share were 0.07 yuan [1]

Core Insights - The company reported a revenue of 122 million yuan for the third quarter, representing a decline of 19.72% [1] - The net profit for the third quarter was 9.97 million yuan, down 52.14% [1] - For the first three quarters, the total revenue was 393 million yuan, a decrease of 6.52% [1] - The net profit for the first three quarters was 33.45 million yuan, reflecting a decline of 20.28% [1]

2025 年 10 月 27 日，南方风机股份有限公司（以下简称"公司"）召开了第 六届董事会第十一次会议，会议审议并通过了公司《2025 年第三季度报告》。为 使投资者全面了解本公司的经营成果、财务状况，公司《2025 年第三季度报告》 将于 2025 年 10 月 28 日刊登在中国证监会指定创业板信息披露网站巨潮资讯网 （www.cninfo.com.cn），敬请投资者查阅。 特此公告。 南方风机股份有限公司 董事会 二〇二五年十月二十七日 1 证券代码：300004 证券简称：南风股份 公告编号：2025-028 南方风机股份有限公司 2025年第三季度报告披露提示性公告 本公司及其董事会全体成员保证公告内容真实、准确和完整，没有虚假记 载、误导性陈述或重大遗漏。 ...

Revenue and Profitability - Revenue for Q3 2025 was CNY 121,741,454.71, a decrease of 19.72% compared to the same period last year[5] - Net profit attributable to shareholders was CNY 9,974,175.56, down 52.14% year-on-year[5] - Basic earnings per share decreased by 60.00% to CNY 0.02[5] - Total operating revenue for the period was CNY 393,285,096, a decrease of 6.1% compared to CNY 420,701,915.71 in the previous period[20] - The net profit for the current period is 33,453,733.11, a decrease of 17.4% compared to 40,510,697.19 in the previous period[21] - The total profit for the current period is 37,405,691.00, down from 45,608,491.74, reflecting a decline of 17.5%[21] - The operating profit for the current period is 36,734,753.21, compared to 45,876,520.01 in the previous period, indicating a decrease of 20%[21] - Basic and diluted earnings per share for the current period are both 0.07, down from 0.09 in the previous period[22] Assets and Liabilities - Total assets at the end of the reporting period were CNY 2,157,396,449.12, an increase of 3.54% from the end of the previous year[5] - Total assets at the end of the period were CNY 2,157,396,449.12, up from CNY 2,083,584,262.62, reflecting an increase of 3.5%[17] - Total liabilities increased to CNY 377,609,429.21 from CNY 337,250,972.82, marking an increase of 12%[18] - The company's retained earnings showed a slight improvement, with a loss of CNY 1,027,907,751.29 compared to a loss of CNY 1,061,361,484.40 in the previous period[18] Cash Flow - Cash flow from operating activities showed a net outflow of CNY 6,146,309.80, reflecting an 85.58% increase in cash outflow year-to-date[5] - The cash flow from operating activities shows a net outflow of -6,146,309.80, an improvement from -42,618,702.89 in the previous period[25] - Cash flow from investment activities resulted in a net outflow of -404,636,249.34, compared to -485,191,729.93 in the previous period, showing a reduction in outflow[25] - The total cash inflow from operating activities is 310,705,611.42, an increase from 242,670,080.38 in the previous period[24] - The total cash outflow from operating activities is 316,851,921.22, compared to 285,288,783.27 in the previous period, indicating an increase in outflow[25] - Cash and cash equivalents at the end of the period were CNY 224,615,969.20, down from CNY 529,448,835.41 at the beginning of the period, indicating a decrease of 57.6%[15] - The total cash and cash equivalents at the end of the period is 101,746,274.28, down from 182,538,660.53 in the previous period[26] Shareholder Information - The number of ordinary shareholders at the end of the reporting period was 41,154[11] Investments and Financial Assets - The company reported a 100% increase in trading financial assets due to the purchase of wealth management products[9] - The company's net investment income increased to CNY 11,826,455.28, compared to CNY 10,671,368.07 in the previous period, reflecting a growth of 10.8%[20] - The company experienced a 1227.26% increase in cash paid for the purchase of fixed assets, mainly due to increased production equipment purchases[12] Financial Performance Metrics - The company’s weighted average return on equity was 0.64%, down 0.57% year-on-year[5] - The company's financial expense reduction, with net financial costs decreasing from CNY 3,741,637.75 to CNY 1,405,619.50, a decrease of 62.5%[20] Inventory and Receivables - Accounts receivable increased to CNY 530,208,709.76 from CNY 463,467,447.57, representing an increase of 14.4%[16] - Inventory decreased to CNY 156,602,607.60 from CNY 170,902,714.25, a decline of 8.4%[16] Other Information - The company has not undergone an audit for the third quarter financial report[27]

Core Viewpoint - The company Nanfeng Co., Ltd. (300004) primarily applies its ventilation products in underground construction and engineering scenarios such as subways, tunnels, and underground parking lots [1] Company Summary - Nanfeng Co., Ltd. focuses on ventilation products [1] - The company's products are utilized in specific infrastructure projects, indicating a niche market presence [1] Industry Summary - The ventilation product market is relevant to underground construction, which includes subways, tunnels, and parking facilities [1] - The application of these products highlights the importance of ventilation solutions in enhancing safety and air quality in confined spaces [1]

Group 1 - The core viewpoint of the article is that Nanfeng Co., Ltd. (300004.SZ) primarily applies its ventilation products in underground construction and engineering scenarios such as subways, tunnels, and underground parking lots [1]

Core Viewpoint - The company is actively engaged in the development of ventilation products primarily used in nuclear power, subways, tunnels, large industrial, and civil construction sectors, and is open to exploring ventilation needs in underground or deep space projects based on specific project and client requirements [1] Group 1 - The company's ventilation products are mainly utilized in nuclear power, subways, tunnels, and large industrial and civil buildings [1] - The company expresses willingness to develop and connect with projects related to ventilation needs in underground or deep space [1] - The development of such projects will depend on specific project and client requirements [1]